Thursday, September 16, 2010

Nifty closes below Agni level after 12 days

Today(16-9-10)Nifty opened at 5844 with a loss of 17 points, stayed in the range 5841 - 5874 till RBI mid-term policy announcement, moved down to 5820, surged to 5902(Agni level for the day was 5897), declined to 5816 and closed at 5829 with a loss of 32 points. Nifty futures range was 5826 - 5916, having a difference of 90 points. As seen above, Nifty was highly volatile today. Today was the 13th day (ignoring the false signal on 8th and 9th September 2010 - difference between Nifty closing and Agni level was below 10 points) after 1st BUY signal was generated. Agni level was 5412 on 30th August and it is 5897 today. Between these days Nifty surged from 5349 to 5902, and the force was more than the surge for 16 days during 3rd (4538) to 25th November, 2009 (5138). Nifty may further move to centre of P (5952) or decline from here (since now it is in Ni,Sa,Ri area). Tomorrow's Agni level is at 5942.

1 comment:

Forecasting Markets said...

Elliot Wave theory suggests VIX has not much upside left, Downside target of 13, Does it suggest that markets will not go much lower.